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Inventory Management: Modeling Real-life Supply Chains and Empirical Validity

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  • de Kok, Ton

Abstract

It is our intention to write a different overview of inventory models, from single item single echelon models to multi-item multi-echelon models, then is mostly provided in text books on Operations Management (e.g. Nahmias and Olsen (2015) and Silver et al. (2016)). We hope that this paper provides complementary knowledge. Instead of starting with inventory models that are tractable from a mathematical point of view, we start from the inventory management problem and the modeling challenges to be faced.

Suggested Citation

  • de Kok, Ton, 2018. "Inventory Management: Modeling Real-life Supply Chains and Empirical Validity," Foundations and Trends(R) in Technology, Information and Operations Management, now publishers, vol. 11(2), pages 343-437, April.
    • Handle: RePEc:now:fnttom:0200000057
    DOI: 10.1561/0200000057
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    References listed on IDEAS

    as
    1. Sean P. Willems, 2008. "Data Set--Real-World Multiechelon Supply Chains Used for Inventory Optimization," Manufacturing & Service Operations Management, INFORMS, vol. 10(1), pages 19-23, February.
    2. van der Heijden, M. C. & Diks, E. B. & de Kok, A. G., 1997. "Stock allocation in general multi-echelon distribution systems with (R, S) order-up-to-policies," International Journal of Production Economics, Elsevier, vol. 49(2), pages 157-174, April.
    3. James M. Wilson, 2016. "The origin of material requirements planning in Frederick W. Taylor’s planning office," International Journal of Production Research, Taylor & Francis Journals, vol. 54(5), pages 1535-1553, March.
    4. Whybark, D. Clay & Yang, Shitao, 1996. "Positioning inventory in distribution systems," International Journal of Production Economics, Elsevier, vol. 45(1-3), pages 271-278, August.
    5. van der Heijden, M.C., 1997. "Supply rationing in multi-echelon divergent systems," European Journal of Operational Research, Elsevier, vol. 101(3), pages 532-549, September.
    6. Geert-Jan van Houtum & Alan Scheller-Wolf & Jinxin Yi, 2007. "Optimal Control of Serial Inventory Systems with Fixed Replenishment Intervals," Operations Research, INFORMS, vol. 55(4), pages 674-687, August.
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    Cited by:

    1. Iyer, Ananth V. & Vedantam, Aditya & Lacourbe, Paul, 2023. "Recycled content claims under demand benefit and supply uncertainty: Multi-period model and application to glasswool insulation," European Journal of Operational Research, Elsevier, vol. 309(2), pages 745-761.
    2. Snoeck, André & Winkenbach, Matthias & Fransoo, Jan C., 2023. "On-demand last-mile distribution network design with omnichannel inventory," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 180(C).
    3. van Donselaar, Karel & Broekmeulen, Rob & de Kok, Ton, 2021. "Heuristics for setting reorder levels in periodic review inventory systems with an aggregate service constraint," International Journal of Production Economics, Elsevier, vol. 237(C).

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    More about this item

    Keywords

    Multi-echelon models; Inventory systems; Materials requirement planning (MRP); Enterprise resource planning (ERP);
    All these keywords.

    JEL classification:

    • M11 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Production Management

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